Public Storage Sells European Stake

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Public Storage Inc. agreed to sell 51 percent of its Shurgard Europe storage facility company after it scrapped plans to take the company public more than seven months ago.


The Glendale-based real estate investment trust did not name the buyer or specify financial details but said the buyer agreed to pay a price “consistent” with the $1.1 billion Public Storage was seeking to raise from the aborted initial public offering in June.


Shurgard is Europe’s largest self-storage operator and was purchased by Public Storage a year and a half ago for $3 billion.


Public Storage pulled Shurgard’s IPO due what it said was “adverse market conditions.” The proceeds were intended to reduce Public Storage’s debt and fund additional developments.


Shares in Public Storage were down 1.2 percent to $65.97 in afternoon trading Wednesday on the New York Stock Exchange.

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